Overview
The break of the 129.07 minor resistance suggests a near-term reversal before the 126.09 key support level. A rebound from 126.16 should now target the 55-day EMA (now at 130.57). A sustained break will target the 134.58 resistance. In case of a retreat, we stay cautious on strong support from 126.09 to bring a rebound. Price actions from the 149.76 medium-term top is viewed as a developing corrective pattern. At this point, as long as the 126.09 support holds, we expect a sideways pattern between 126.09 and 149.76 in the medium term to be followed by an upside breakout at a later stage. However, a decisive break of 126.09 will raise some questions over this outlook and would bring a deeper fall to 61.8% retracement of 94.11 to 149.76 at 115.36.
Daily Pivots: (S1) 128.52; (P) 129.00; (R1) 129.75
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Performed by Hossam Soliman Ali, Analytical expert InstaForex Group © 2007-2016 |
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